Big data is being analyzed by companies to increase efficiency of businesses processes. Knowing how systems can be improved increases the bottom line. Here are five ways that data can provide insight into your company.
5 Ways That Data Is Important
1. Enterprise Resource Planning Software
Enterprise resource planning (ERP) software streamlines and integrates business processes across various departments. Because processes occur in real time, problems can be quickly identified and corrected. For instance, with a split database, data can be defined using different definitions for each department to improve performance. Also, with cloud-based ERP software, current information can be accessed from anywhere with an internet connection to make business decisions. Further, by integrating financial information, finance, sales and other departments use the same revenue and expense numbers to make business decisions. Additionally, integrating orders among inventory, accounting, and other departments reduces errors in the process. Plus, ERP software that includes CRM tools organizes information about orders, deliveries, returns, service requests and more to provide insight into customer behavior and needs. And, ERP software with a self-service portal can analyze and track purchases and facilitate expense tracking, which helps with financial reporting.
2. Data Analytics
Data analytics store and analyze large amounts of data to facilitate long-term planning. For instance, you can collect data from social media networks, RFID chip readings, transaction information, and other sources to gain client information and analyze it for accuracy. Accurate information can provide insight into understanding your company’s current practices, including compliance with local and international laws. You also can transform the data into graphs and charts to determine such things as whether you need to increase security, how you can more effectively market your products/services, or how you can plan for the future.
3. Intelligent Process Automation
Intelligent process automation (IPA) combines fundamental process redesign with robotic process automation and machine learning. It includes multiple business process improvements and current tools to perform repetitive, routine tasks. This substantially improves the customer experience by simplifying interactions and speeding up processes. IPA also improves workflow by integrating tasks performed by humans and machines. This helps users to initiate and track the status of a process in real time and provide statistical data on bottlenecks to improve the process. Further, IPA provides insight to improve compliance, reduce cost structures, and give your company a competitive advantage.
4. Artificial Intelligence
Artificial intelligence (AI) can be integrated into processes to increase efficiency. By organizing information into understandable pieces, AI can determine which information is relevant to solving problems based on accuracy, transparency, and increasing conversions.
5. Machine Learning
Machine learning finds patterns and makes predictions from data based on multivariate statistics, data mining, pattern recognition, and predictive analytics. Machine learning can analyze and prevent potential customer churn, provide real-time recommendations, and detect and prevent fraud using data from transactions, social media, CRM, and other sources to keep your company competitive.
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